ComScore reduces board to five and delays financials

US – Cross-platform measurement company comScore has cut its board to five after seven members left.

David Kay, co-founder and managing partner of CrossCountry Consulting, is its interim chief financial officer and treasurer. He takes over from David Chemerow who resigned last week.

CrossCountry has been providing accounting consultancy to comScore on its audit committee investigation and pending restatements.

Where its pending financial statements are concerned, it said it intends to complete and file restated financial information for 2013 and 2014 – together with audited financial statements for fiscal years 2015, 2016 and 2017 – in a consolidated filing with the SEC. This is not expected before March 2018 because it has proved ‘more complex and time-consuming than previously anticipated'.

Gian Fulgoni (pictured), chief executive officer, said: "We regret the need to extend further the date for filing our restated financials and we share the frustration of our stockholders. However, to ensure the completeness and accuracy of the past four years of financial information we will be reporting, and to ensure that we are also able to include audited financial statements for 2017, the Board has determined that additional time is needed."

In addition, the board of directors has formed a special committee which includes Jacques Kerrest and Sue Riley, who it recently appointed as independent directors. The special committee unanimously recommended refreshing the board and its members.

The company said that along with short-term issues the company faces, the special committee will ‘undertake a full financial, operating and strategic review of long term opportunities to maximise value for all stockholders'.

It also announced that it had reached agreement on proposed settlement terms in several pending class action and derivative legal proceedings.

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